"The demand side of the oil equation is always much more hard to discern than the more transparent supply side and as equities slide amidst rate increases, the oil market could begin to discount a worst-case scenario with regard to oil demand expectations", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Barkindo, speaking at the Oil & Money conference in London, said earlier that he wanted to ensure there is no shortage of crude in the market.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers sought alternatives ahead of USA sanctions that take effect on November 4.

He added, "This market is not in a red zone; fundamentally, today, this market is relatively well supplied", and that given so many unknowns about how much Iranian crude will be lost and to what extent other nations can make up the shortfall, "I think it's a little premature at this point to be getting that concerned". The global benchmark crude traded at a $9.90 premium to WTI for the same month.

Reuters last week reported that Russian Federation and Saudi Arabia, the world's two biggest oil producers, struck a private deal in September to raise output to cool rising prices and had informed the United States about the decision. The International Energy Agency has warned surging prices could hit consumption in emerging economies which are already reeling from depreciating currencies.

The OPEC's 15 countries have amplified the crude oil outcome in last month to 33.07 million barrels per day-that is the 180,000 barrels per day surge from August-as per the Platts survey of analysts.

A drop in USA oil production this week supported prices.

"I think the sanctions will be very tough", Beard said. "I can't see anything that will affect oil prices dramatically to the downside".

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